Australian political leaders are extolling their alliance with the United States and its importance in maintaining the “stability and security of the Indo-Pacific” amid fears that Donald Trump could disrupt the AUKUS defense partnership after he takes office as president next year.

Good morning, it’s Amy in Melbourne with your Friday newsletter. Today’s must-reads:• The latest Bloomberg Australia podcast episode• Social media ban for children under 16• Blackstone refinances debt

Here are the ways Trump's win could affect America's northern neighbour. On Wednesday morning, Canadian political leaders were cautiously laudatory about Trump's win. Trudeau congratulated "Donald" on the decisive victory,

Australian Prime Minister Anthony Albanese said on Friday his government would introduce this month the legislation to ban social media for children under 16 years.

The proposal marks the latest effort by political leaders worldwide to regulate children’s use of platforms, amid concerns that it is harming their mental health.

A recent KPMG analysis contends that if all of Trump’s policies are implemented, Australia’s economic growth would be between 0.8% and 1.5% lower than it would otherwise have been: a projected loss of between $19 billion and $36 billion.

President-elect Donald Trump’s plans for higher tariffs, lower taxes and more curbs on immigration are expected to reignite inflation, but economic forecasters are divided over whether they’ll weaken or boost the U.